# Income Tax (Trading and Other Income) Act 2005, Section 416: Income charged

Extent: E+W+S+N.I.

(1) Tax is charged under this Chapter on the ... amount of the debt released or written off in the tax year.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) For the purposes of calculating the total income of the person liable for the tax, the amount charged is treated as income.
(4) This section is subject to section 418 (relief where borrowers liable as settlors).

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/416 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-416
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.